Looks like things are not all roses and sunshine for businesses in ritzy Palm Beach.
A story by Palm Beach Daily News reporter Megan Winslow says that even luxury brands may struggle in this economy.
According to the story, a number of factors are at issue, from wealthy consumers not wanting to look overly opulent to an industry that began replacing “quality with quantity” several years ago.
According to the story:
Luxury Marketing Council Florida Chairman Christopher Ramey prefaced Thomas’ speech by using charts of Goldman Sachs data for “gainers and laggers” to demonstrate just how tough times are for luxury businesses.
“You know when Wal-Mart’s going to do better than Nordstrom that there’s a big problem,” Ramey said.
Luxury brand executives began digging themselves into a hole in the 1990s, when they noticeably replaced quality with quantity, Thomas said.
Read the rest of Megan’s story to get more details. Tell us what you think below, or at the bottom of Megan’s story.